Australia’s share market has climbed to its highest level ever ahead of the imminent signing of a US-China trade deal.
The ASX 200 hit a record high of 6,984 points in early trade, defying a weak overnight lead from Wall Street.
But it did not take much to get there as the local market was already at a (then) record high on Tuesday.
Markets at 8:05am (AEDT):ASX SPI futures +0.1pc at 6,916, ASX 200 (Tuesday’s close) +0.9pc at 6,962AUD: 69.03 US cents, 53 British pence, 62.02 Euro cents, 75.91 Japanese yen, $NZ1.04US: Dow Jones +0.1pc at 28,940, S&P 500 -0.2pc at 3,283, Nasdaq -0.2pc at 9,251Europe: FTSE 100 flat at 7,622, DAX flat at 13,456, CAC +0.1pc at 6,041, Euro Stoxx 50 -0.2pc at 3,773Commodities: Brent crude +0.7pc at $US64.64/barrel, spot gold -0.1pc at $US1,546.55/ounce, iron ore +1.1pc at $US97.03/tonne
Although the benchmark index has since pulled back slightly, it was still 0.2 per cent higher at 6,978 points at 11:15am (AEDT).
Gold miners are dominating the list of best performers, after the precious metal’s spot price recovered slightly above $US1,549 an ounce.
Shares in St Barbara, Evolution Mining and Regis Resources have jumped between 3.2 and 4.4 per cent — recovering from heavy losses in the past week due as the United States’ tensions with Iran and China eased.
On the flipside, lithium stocks — which have skyrocketed in the past few days — are now the worst performers.
Orocobre and Pilbara Minerals have plunged by 3.7 and 5.1 per cent as investors cashed in their profits.
The Australian dollar, meanwhile, has